"Fixed pricing" is when an auction closes, if it hasn't reached reserve the seller can choose to offer the item to any of the bidders, for a fixed price. The first person to accept the offer can purchase the goods.
"Dynamic pricing," a phrase often used synonymously with online auctions, efficiently distributes resources to those that value them most highly (forward auctions) or allocates contracts to those that can execute with the best terms (reverse auctions). (If you want to see a longer - maybe better - explanation go to: http://web-auction-software.com/pdpo/concept/theorymain.htm)
"Open-cry auction" is where the auctioneer and all the participants can see and hear each other bid on a certain item - which is viewed clearly by everybody - at one time.
"Online auction" is where sellers bid against each other to win a buyer's business. A reverse auction empowers the buyer to find the best deal. For example, Priceline.com sells airline tickets, hotel rooms, and additional products based on the price the consumer is willing to pay.
